Buyer's Pre-Closing Checklist

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					                       Buyer's Pre-Closing Checklist

If you're like most people, the period just before closing on a home purchase is
extremely hectic: scheduling a mover, packing countless boxes, calling for new
utilities, obtaining a new phone number, notifying people of your move, etc., etc.,
etc. Few other situations in life afford more opportunity for confusion and mistakes.
We thought we'd put together a checklist for you to review prior to your closing, just
to make sure you haven't forgotten anything. We hope this helps get you through
this traumatic time.


           Item                                   Description
Homeowner's insurance Contact your lender to obtain details as to what is
                      required. Typically, you will be required to bring an
                      original homeowner's insurance policy to closing, along
                      with an original paid receipt. Try to take care of this at
                      least a few days prior to closing.
Mortgage closing costs      Contact your lender to obtain this information. This
                            represents the closing costs specific to your lender.
                            Contact your lender several days prior to closing to
                            obtain this amount.      That way, if you have any
                            questions or issues, you will have time to resolve them
                            prior to the closing.
Other closing costs         Contact your realtor to obtain this information. This
                            represents all of your costs OTHER than your mortgage
                            costs. These costs are detailed in the closing documents
                            (see next item). Conceptually, this amount is calculated
                            as follows:
                                • Sales price
                                • + tax prorations
                                • + association dues prorations
                                • - deposit
                                • - mortgage amount
                                • = Other closing costs
Closing documents           These are the documents prepared by the title company
                            that you will sign at the closing. Contact your agent a
                            week or so prior to closing to request these documents.
                            Understand that the listing agent selects the title
                            company, so your agent may have little control over
                            when these are made available (some agents are very
                            conscientious and have these disseminated a week or
                            more before closing; other agents don't concern
                            themselves with this at all). Try to obtain these at least
                            a day or two before closing so that you can follow up on
                            any questions you may have prior to the closing, as
                     opposed to at the closing itself. Obtaining and reviewing
                     this information in advance will help to make the closing
                     a smooth and efficient process.
Cashier's check(s)   You will need to bring a cashier's check (or two cashier's
                     checks) to the closing. The total of this check is
                     calculated as: mortgage closing costs (as per above) +
                     other closing costs (as per above). You can bring one
                     check covering the total of these two amounts, or you
                     can bring two separate checks, one for the total of the
                     mortgage closing costs, and one for the total of the
                     other closing costs. Most title companies prefer that you
                     make the checks payable to yourselves (and you then
                     endorse the checks over to the title company at
                     closing). If the total of your check(s) is greater than the
                     amount actually needed, the title company will write a
                     check back to you for the amount of the overage. If the
                     total of your check(s) is less than the amount actually
                     needed, you will likely have a problem, as most title
                     companies will not accept personal checks.
Utilities            Call the utilities companies a business day or two prior
                     to closing to transfer the service into your name. Phone
                     numbers of the utilities are as follows:

                        •   Detroit Edison (Electricity) (800) 477-4747
                        •   Consumer's Energy (Gas) (800) 477-5050
                        •   MichCon (Gas) (800) 477-4747


Driver's license     Self-explanatory




               484 Deer Street, Plymouth, MI 48170
        Novi: (248) 567-3500 / Plymouth: (734) 929-9300

				
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